|
Author |
Message |
|
TAGS:
|
|
|
Current Student
Joined: 22 Jul 2014
Posts: 129
Concentration: General Management, Finance
WE: Engineering (Energy and Utilities)
|
In a graduating class, the difference between the highest and lowest [#permalink]
Show Tags
 08 Sep 2014, 02:08
1
This post received
KUDOS
15
This post was
BOOKMARKED
D
E
Question Stats:
47% (03:24) correct 53% (02:01) wrong based on 81 sessions
HideShow timer Statistics
In a graduating class, the difference between the highest and lowest salaries is $100,000. The median salary is $50,000 higher than the lowest salary and the average salary is $20,000 higher than the median. What is the minimum number of students in the class? A)10 B)12 C)15 D)20 E)25 Source: 4gmat Our instructor mentioned that this is a 750+ question.
Official Answer and Stats are available only to registered users. Register/ Login.
|
|
|
|
|
|
Veritas Prep GMAT Instructor
Joined: 16 Oct 2010
Posts: 8026
Location: Pune, India
|
In a graduating class, the difference between the highest and lowest [#permalink]
Show Tags
06 Oct 2014, 22:51
1
This post received
KUDOS
Expert's post
1
This post was
BOOKMARKED
Quote: In a graduating class, the difference between the highest and lowest salaries is $100,000. The median salary is $50,000 higher than the lowest salary and the average salary is $20,000 higher than the median. What is the minimum number of students in the class?
A)10
B)12
C)15
D)20
E)25
Responding to a pm: You need to understand the concepts of mean, median and range very well to do this question. Since you asked me to resolve it, I am assuming that you are comfortable with these stats concepts I have discussed on my blog. Here is the logical solution: "the difference between the highest and lowest salaries is $100,000." So there are at least 2 people - say one with salary 0 and the other with 100k. No salary will be outside this range. Median = 50k more than lowest. So median is right in the center of lowest and highest since lowest and highest differ by 100k. In our example, median = 50k. Since there are more than 2 people, there would probably be a person at 50k. Mean = 20k more than median so in our example, mean salary = 70k On the number line, 0........50k (median)........100k Mean = 70k So there must be people more toward 100k to bring the mean up to 70k. Since we want to add minimum people, we will add people at 100k to quickly make up the right side deficit. 0 and 50k are (70k + 20k) = 90k away from 70k. 100k is 30k away from 70k. To bring the mean to 70k, we will add two people at 100k each to get: 0....50k.....100k, 100k, 100k But when we add more people to the right of 70k, the median will shift to the right. We need to keep the median at 50k. So every time we add people to the right of 70k, we need to add people at 50k too to balance the median. 50k is 20k less than 70k while 100k is 30k more than 70k. To keep the mean same, we need to add 2 people at 100k for every 3 people we add at 50k. So if we add 3 people at 50k and 2 people at 100k, we get: 0, ... 50k, 50k, 50k, 50k, ... 100k, 100k, 100k, 100k, 100k the median is not at 50k yet. Add another 3 people at 50k and another 2 at 100k to get 0, 50k, 50k, 50k, 50k, 50k, 50k, 50k, 100k, 100k, 100k, 100k, 100k, 100k, 100k Now the median is 50k and mean is 70k. Total number of people is 15. Answer (C)
_________________
Karishma
Veritas Prep | GMAT Instructor
My Blog
Get started with Veritas Prep GMAT On Demand for $199
Veritas Prep Reviews
|
|
|
|
|
|
Veritas Prep GMAT Instructor
Joined: 16 Oct 2010
Posts: 8026
Location: Pune, India
|
In a graduating class, the difference between the highest and lowest [#permalink]
Show Tags
06 Oct 2014, 23:07
As for your question as to how close this question is to actual GMAT questions, quite close I would say. You need a solid understanding of very basic concepts and need to just apply those. The question is easily do-able within 2 mins. I can't find any reason to call this is a 'non-GMAT like' question.
_________________
Karishma
Veritas Prep | GMAT Instructor
My Blog
Get started with Veritas Prep GMAT On Demand for $199
Veritas Prep Reviews
|
|
|
|
|
|
Intern
Joined: 12 Sep 2012
Posts: 25
|
Re: In a graduating class, the difference between the highest and lowest [#permalink]
Show Tags
14 Oct 2014, 13:14
VeritasPrepKarishma wrote: Quote: In a graduating class, the difference between the highest and lowest salaries is $100,000. The median salary is $50,000 higher than the lowest salary and the average salary is $20,000 higher than the median. What is the minimum number of students in the class?
A)10
B)12
C)15
D)20
E)25
Responding to a pm: You need to understand the concepts of mean, median and range very well to do this question. Since you asked me to resolve it, I am assuming that you are comfortable with these stats concepts I have discussed on my blog. Here is the logical solution: "the difference between the highest and lowest salaries is $100,000." So there are at least 2 people - say one with salary 0 and the other with 100k. No salary will be outside this range. Median = 50k more than lowest. So median is right in the center of lowest and highest since lowest and highest differ by 100k. In our example, median = 50k. Since there are more than 2 people, there would probably be a person at 50k. Mean = 20k more than median so in our example, mean salary = 70k On the number line, 0........50k (median)........100k Mean = 70k So there must be people more toward 100k to bring the mean up to 70k. Since we want to add minimum people, we will add people at 100k to quickly make up the right side deficit. 0 and 50k are (70k + 20k) = 90k away from 70k. 100k is 30k away from 70k. To bring the mean to 70k, we will add two people at 100k each to get: 0....50k.....100k, 100k, 100k But when we add more people to the right of 70k, the median will shift to the right. We need to keep the median at 50k. So every time we add people to the right of 70k, we need to add people at 50k too to balance the median. 50k is 20k less than 70k while 100k is 30k more than 70k. To keep the mean same, we need to add 2 people at 100k for every 3 people we add at 50k. So if we add 3 people at 50k and 2 people at 100k, we get: 0, ... 50k, 50k, 50k, 50k, ... 100k, 100k, 100k, 100k, 100k the median is not at 50k yet. Add another 3 people at 50k and another 2 at 100k to get 0, 50k, 50k, 50k, 50k, 50k, 50k, 50k, 100k, 100k, 100k, 100k, 100k, 100k, 100k Now the median is 50k and mean is 70k. Total number of people is 15. Answer (C) Hello Karishma, That is a great solution. Unfortunately, I am unable to understand the concept behind this. Kindly give the link of your blog as reference. That would be beneficial for me.  
|
|
|
|
|
|
Veritas Prep GMAT Instructor
Joined: 16 Oct 2010
Posts: 8026
Location: Pune, India
|
Re: In a graduating class, the difference between the highest and lowest [#permalink]
Show Tags
14 Oct 2014, 20:35
|
|
|
|
|
|
Manager
Joined: 21 Jun 2014
Posts: 141
Location: United States
Concentration: General Management, Strategy
GPA: 3.4
WE: Engineering (Computer Software)
|
Re: In a graduating class, the difference between the highest and lowest [#permalink]
Show Tags
17 Jun 2015, 01:57
We can also use POE .Median is the middle number between lowest and highest so total number of students will be odd .This eliminates choices A,B,D Between C and E .Average is 70000 which is more towards higher pay and is also more then median .So number of students will be more on the rhs then lhs .Add the students accordingly on both sides to get the final answer. Regards, Manish Khare
_________________
Regards,
Manish Khare
"Every thing is fine at the end. If it is not fine ,then it is not the end "
|
|
|
|
|
|
Non-Human User
Joined: 09 Sep 2013
Posts: 6638
|
Re: In a graduating class, the difference between the highest and lowest [#permalink]
Show Tags
08 Apr 2018, 11:54
Hello from the GMAT Club BumpBot! Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos). Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
_________________
GMAT Books | GMAT Club Tests | Best Prices on GMAT Courses | GMAT Mobile App | Math Resources | Verbal Resources
|
|
|
|
|
|
|
Re: In a graduating class, the difference between the highest and lowest
[#permalink]
08 Apr 2018, 11:54
|
|
|
|
|
|
|
|
|
|
|
